#THE PAREL INVESTMENTS AND TRADING PRIVATE LIMITED AND DOMESTIC GAS PRIVATE LIMITED (TAKING OVER OF MANAGEMENT) REPEAL ACT, 2005 
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##ARRANGEMENT OF SECTION 
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SECTIONS 

1.  Short Title. 
2.  Repeal and saving. 
 
 
 
#THE PAREL INVESTMENTS AND TRADING PRIVATE LIMITED AND DOMESTIC GAS PRIVATE LIMITED (TAKING OVER OF MANAGEMENT) REPEAL ACT, 2005 

##ACT NO. 14 OF 2005 

[31st March, 2005.] 

An  Act  to  repeal  the  Parel  Investments  and  Trading  Private  Limited  and  Domestic  Gas  Private 
Limited (Taking Over of Management) Act, 1979. 

WHEREAS  for  giving  effect  to  the  policy  of  the  State  towards  securing  the  principle  specified  in 
clause  (b)  of  article  39  of  the  Constitution,  it  was  proposed  to  acquire  the  undertakings  of  the  Parel 
Investments and Trading Private Limited  (hereinafter referred to as “PITCL”) as well as Domestic Gas 
Private Limited (hereinafter referred to as “DGPL”) and collectively referred to as “the said Companies” 
so  that  the  means  and  resources  as  to  bottling,  transporting,  marketing  and  distribution  of  liquefied 
petroleum gas of the said Companies become vested in the State and thereby, are so distributed as best to 
sub-serve the common good; 

AND WHEREAS pending the acquisition of the undertakings of the said Companies for the purpose of 
nationalisation of the business of bottling, transporting, marketing and distribution of liquid petroleum gas 
carried  on  by  them,  the  management  of  the  undertakings  of the said  Companies  was taken  over  by  the 
Central  Government  by  the  Parel  Investments  and  Trading  Private  Limited  and  Domestic  Gas  Private 
Limited (Taking Over of Management) Act, 1979 (29 of 1979), and the Hindustan Petroleum Corporation 
Limited was appointed as the Custodian of the said undertakings; 

And whereas in terms of a Memorandum of Compromise entered into on the 11th April, 2002 by the 
said  Companies  and  its  certain  shareholders  on  the  one  part  and  the  Central  Government  and  the 
Custodian  on  the  other  part,  two  separate  Deeds  of  Assignment  both  dated  the  2nd  April,  2004  were 
executed between PITCL and DGPL respectively through the Custodian as the Assignors and the Central 
Government as the Assignee and registered with the Sub- Registrar of Assurances at Mumbai on the 2nd 
August, 2004, to assign, transfer and vest in the Central Government, the undertakings and business of the 
said  Companies  together  with  their  assets  and  properties  and  more  particularly  described  in 
sub-  section  (2)  of  section  3  of  the  said  Act  and  in  the  manner  set  out  in  the  said  Memorandum  of 
Compromise,  but  excluding  the  assets  not  to  be  taken  over  and  to  be  handed  over  back  to  PITCL  and 
DGPL respectively for the consideration and in the manner set out in the said Deeds; 

And  whereas  in  terms  of  the  said  Memorandum  of  Compromise  two  other  separate  Deeds  of 
Assignment  both  dated  the  2nd  April,  2004  were  executed  between  the  Central  Government  and  the 
Hindustan  Petroleum  Corporation  Limited  and  registered  with  the  Sub-  Registrar  of  Assurances  at 
Mumbai  on the 2nd  August,  2004,  to  assign, transfer and  vest in the  Hindustan Petroleum  Corporation 
Limited  the  undertakings  and  business  of  the  said  Companies  together  with  their  assets  and  properties 
excluding the assets not to be taken over and to be handed over back to PITCL and DGPL respectively for 
the consideration and in the manner set out in the said Deeds; 

AND WHEREAS in pursuance of the execution of the aforesaid Deeds of Assignment and acquisition 
of  undertakings  of  the  said  Companies  by  the  Central  Government  and  thereafter  by  the  Hindustan 
Petroleum  Corporation  Limited,  it  has  become  necessary  to  repeal  the  said  Act  and  to  revest  the 
management  of  the  said  Companies  in  respect  of  their  business  and  assets  other  than  those  relating  to 
liquefied  petroleum  gas  through  their  respective  board  of  directors, as  may  be  appointed  in accordance 
with the law for the time being in force. 

BE it enacted by Parliament in the Fifty-sixth Year of the Republic of India as follows:— 

1. **Short title.**— This Act may be called the Parel Investments and Trading Private Limited and 
Domestic Gas Private Limited (Taking Over of Management) Repeal Act, 2005. 

2. **Repeal and saving.**— (1) The Parel Investments and Trading Private Limited and Domestic Gas 
Private Limited (Taking Over of Management) Act, 1979 (29 of 1979) is hereby repealed.; 

(2) On the repeal of the Parel Investments and Trading Private Limited and Domestic Gas Private 
Limited (Taking Over of Management) Act, 1979 (29 of 1979) the management of the Parel Investments 
and Trading Private Limited and Domestic Gas Private Limited shall be vested and deemed to have been 
vested in the respective board of directors of the said Companies to be appointed after such repeal and 
possession of the assets of the said Companies relating to their business other than the business relating to 
liquefied petroleum gas and not taken over by the Central Government by the Act so repealed shall be 
deemed  to  have  been  taken  over  by,  and  continued  with,  the  said  Companies  through  their  respective 
board of directors, as may be appointed in accordance with the law for the time being in force. 

(3)  Notwithstanding  such  repeal  and  without  prejudice  to  the  provisions  contained  in  the  General 
Clauses  Act,  1897  (10  of  1897)  with  respect  to  repeals,  anything  done  or  action  taken  including  any 
agreement  entered  into  under  any  provision  of  the  Parel  Investments  and  Trading  Private  Limited  and 
Domestic  Gas  Private  Limited  (Taking  Over  of  Management)  Act,  1979  (29  of  1979),  by  the  Central 
Government or the Custodian appointed by it shall continue to be in force and have effect as if this Act 
had not been passed. 